Oracle posts record financial results

Oracle gets off to its fastest start in six years with revenues of US$2.3 billion for Q1.

Oracle has announced record results for the first quarter of its fiscal year 2001. First quarter net income increased 111% to US$501 million, while revenue grew to $2.3 billion. This compares to $237 million in net income, and $2.0 billion in revenue, in Q1 last year.

First quarter applications software sales increased 42% to $156 million, while database software sales grew 32% to $585 million. Total software license revenue was up 28% to $807 million, while total service revenue increased 8% to $1.5 billion for the quarter.

"We are off to our fastest start in six years," said Oracle CEO, Larry Ellison. "The spectacular growth in our database business demonstrates that we are continuing to take market share from IBM and Microsoft."

Oracle Middle East recorded several key customer wins during the first quarter of its fiscal year ending August 31, 2000. Significant deals inked during Q1 included Emirates Airlines, Government of Bahrain and Arabia Online.

“Oracle continues to build momentum as businesses around the Middle East choose Oracle’s internet-based software to operate at unprecedented levels of speed and efficiency,” said Husam Dajani, managing director, Oracle ME.